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Deal News Transportation

& Logistics What's up in your

16. April 2018 market – a focus

on deals activity

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018

Globaltrans suitor Roman Trotsenko, the owner of airport holding Novaport, has Roman Trotsenko confirmed interest in the acquisition of a 25% stake in Globaltrans, the confirms interest in freight rail operator in Russia, a Russian newswire reported. Prime buying 25% stake (translated) quoted Trotsenko, speaking on 13 April on the sidelines of the Krasnoyarsk Economic Forum, who confirmed interest in buying a 25% stake in Globaltrans. The businessman did not say the price at which he evaluates the stake, adding it would be linked with the market. Russian businessmen Konstantin Nikolayev, Nikita Mishin and Andrei Filatov, through their specialized companies, own in total a 34.5% stake in Globaltrans (each owns an 11.5% stake), the item reported. Russian online service RBC has earlier reported, citing several sources, that Trotsenko is in talks to acquire a 34.5% stake in Globaltrans, the item continued. Trotsenko also said he is uninterested in other railway assets, in particular Transcontainer, Prime further reported. Globaltrans posted RUB 78.1bn (USD 1.26bn) revenue and RUB 13.8bn net profit in full year 2017, according to company’s financial results for the year ended 31 December 2017.

14.04.2018 Newswire Round-up

TransContainer The Russian government has postponed the April-month privatisation privatisation plans of TransContainer, the largest rail container operator in Russia, postponed - report the Russian-language online daily RBK reported, citing sources in the (translated) know. The government does not plan to sell the TransContainer shares in April, the item reported, citing a source in one of the relevant departments and a source close to one of TransContainer’s shareholders. The sources did not say for how long the privatisation plan has been postponed. In November 2017, Russia’s First Deputy Prime Minister Igor Shuvalov, in a letter to President Vladimir Putin, proposed to sell the 50.2% stake + two shares in TransContainer, belonging to state railway group RZD, in April 2018, according to the report. An RBK source in one of the government departments has said there is no final decision on the subject. In 2017, TransContainer posted RUB 6.5bn (USD 102.5m) net profit in accordance with IFRS, the article reported. Due to the collapse of the stock market and the risk of new sanctions, now is not the best time for the sale of TransContainer, the report also said, citing a source in RZD and one analyst. Enisey Capital, affiliated with Roman Abramovich and Alexander Abramov, which in December last year acquired a 24.5% stake in TransContainer, is interested in participating in the company’s privatisation, RBK further reported, citing a Enisey Capital spokesperson. Earlier in April, Kommersant reported that Russia’s state-owned railway group RZD would be able to put up for sale the 50% stake +2 shares in TransContainer, as the reorganization process of United Transportation and Logistics Company (UTLC, OTLK) had been completed. The reorganisation process of UTLC Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018

was completed on 2 April, the Russian newspaper reported, citing an announcement of RZD, TransContainer, UTLC and RZD’s subsidiary RZD-Logistics. Before the reorganization, the above stake was held in UTLC, the Russian- Kazakh-Belarusian joint venture, established by RZD, Belarusian Railway and Kazakhstan Temir Zholy. Now RZD will be able to meet the government’s instruction to put up the 50% stake +2 shares in TransContainer up for an auction, the paper reported.

13.04.2018 RBK Daily

05.04.2018 Kommersant DFDS to buy DFDS has today (12 April) announced its entry into an agreement to Turkey's U.N. Ro-Ro acquire 98.8% of U.N. Ro-Ro, Turkey's largest operator of freight for EUR 950m; shipping routes connecting Europe and Turkey from Turkish private plans share issue to equity firms Actera Group and Esas Holdings. "With the acquisition of fund fleet renewals, U.N. Ro-Ro, we are expanding into one of Europe's most attractive opportunities freight markets which is operationally similar to northern Europe. This gives us opportunity together with the existing strong management team to leverage our network, fleet, experience and skills to develop the business further while supporting the growth of U.N. Ro-Ro's customers", says Niels Smedegaard, CEO of DFDS. DFDS will acquire U.N. Ro-Ro for EUR 950m (DKK 7.1bn) on a debt free basis, which will be mainly funded through committed debt financing. The acquisition is expected to be earnings accretive already in 2018. U.N. Ro- Ro's ROIC post acquisition exceeds DFDS' cost of capital. The transaction is subject to approval by the Turkish, Austrian and German competition authorities as well as Italian authorities in relation to the transfer of the Trieste terminal as a strategic asset. Closing of the transaction is expected to take place in June 2018. Earlier on, in March 2018, UN Ro- Ro had filed a draft prospectus for an IPO. As per the prospectus, the company was planning to increase its capital from TRY 822.757m to TRY 1.048bn (USD 267.4m) through the IPO, whereby its shareholder Trieste Midco Denizcilik was planning to further sell shares with TRY 300m of capital as well.

12.04.2018 Stock Exchange Announcement(s) (Edited)

Groupe Coquelle French transportation services provider Groupe Coquelle has opened its brings in Bpifrance capital to Bpifrance, according to an announcement from the state- as investor owned investment group. The French-language item noted that existing investor Finorpa, which has backed the business since 2001, sold its stake. PE firm Siparex re-invested via its Nord Ouest Entrepreneurs 4 fund, while its Siparex Entrepreneurs 1 exited the capital. The Coquelle family, who owns the business, and the management team, via holding vehicle Somaco, increased their stake. Groupe Coquelle has a headcount of 670 and generates revenues of EUR 100m. President Christophe Coquelle said that they are studying several acquisition dossiers.

11.04.2018 Company Press Release (Translated)

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018

FirstGroup rejects FirstGroup, a UK-based transport company, has announced that it has bid approach from been approached by the private equity firm Apollo Management Apollo Management regarding a potential takeover offer. The statement from FirstGroup on Wednesday, 11 April follows: Statement re possible offer The Board of FirstGroup plc (“FirstGroup” or the “Company”) notes the recent movement in FirstGroup share price and confirms that it has received a preliminary and highly conditional indicative proposal from Apollo Management IX L.P. (“Apollo”) relating to a possible cash offer for the entire issued and to be issued ordinary share capital of FirstGroup (the “Proposal”). The Board of FirstGroup has considered the Proposal in detail and believes that it fundamentally undervalues the Company and is opportunistic in nature. Accordingly, the Board of FirstGroup has unanimously rejected the Proposal. There can be no certainty that any firm offer will be made nor as to the terms on which any firm offer might be made. A further announcement will be made in due course if and when appropriate. In accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers (the "Code"), Apollo must, by not later than 5.00 p.m. on 9 May 2018, either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. This announcement has been made by FirstGroup without the agreement or approval of Apollo. In accordance with Rule 26.1 of the Code, a copy of this announcement will be available on FirstGroup’s website at www.firstgroupplc.com by no later than 12 noon (London time) on 12 April 2018. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

11.04.2018 Stock Exchange Announcement(s)

CEVA Logistics CEVA Logistics (“CEVA” or the “Company”), one of the world’s leading planning primary third-party logistics companies with USD 7.0 billion of revenue today IPO on Swiss SIX announces its intention to conduct an initial public offering (IPO) and to Exchange valued at list its shares on SIX Swiss Exchange. The proposed IPO is expected to CHF 1.3bn consist of an all primary offering in the amount of approximately CHF 1.3bn (EUR 1.1bn). The objective of the IPO is to accelerate the execution of the Company’s growth and margin expansion strategy by strengthening the balance sheet. CEVA expects to list in the second quarter of 2018, subject to market conditions. CEVA Logistics is one of the world’s leading third-party logistics companies with 56,000 staff and a comprehensive service portfolio in Freight Management and Contract Logistics Strong strategic platform through global presence in 160 countries with a strong footprint in high growth markets, notably Asia, a diversified blue-chip customer base and end-to-end solutions capabilities Revenues in 2017 were USD 7.0 billion, up by 5.2%, and Adjusted EBITDA was USD 280 million, up by 10.2% vs. the prior year Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018

CEVA Logistics AG is incorporated in Baar, Switzerland, where the majority of the Executive Board is based. In connection with the proposed IPO, CEVA Holdings LLC shall be merged with CEVA Logistics AG, Baar, Switzerland, which shall become the new holding company of the CEVA group simultaneously with the IPO. The Company is managed out of Baar, Switzerland already, where the majority of the Executive Board is based Currently, the three principal shareholders of CEVA are investment funds managed by affiliates of (i) Capital Research and Management Company, (ii) Franklin Advisers, Inc. and (iii) Apollo Global Management LLC, which each held approximately 26%, 25% and 22%, respectively, of the Company’s shares at December 31, 2017. They will be significantly diluted through the planned IPO Adjusted EBITDA is EBITDA before specific items and share-based compensation and includes 50% of the EBITDA of the ANJI-CEVA Joint-Venture in China.

09.04.2018 Company Press Release(s) (Edited)

PostNL and Sandd The Dutch postal companies PostNL [AMS:PNL] and Sandd are consider considering a consolidation of the two companies, the Dutch daily De consolidation Financiële Telegraaf reported, citing Sandd Chairman Ronald van de (translated) Laar. PostNL and Sandd are currently strong competitors, but last year in July the Dutch ministry of Economic Affairs said after doing research it has been found that a cooperation between the two companies could be a solution to deal with a decline in businesses. PostNL has already mentioned earlier that it feels for a consolidation with its main competitor. Initially Sandd did not seem interested in a consolidation, but Van de Laar has now said that the company is open for this after all, because less and less letters are being sent. Talks will be held between the two postal companies and the ministry of Economic Affairs in just over a week, the report said. In 2017, PostNL recorded turnover of EUR 3.5bn, Dutch news site NOS reported earlier. Sandd had a turnover of about EUR 195m in 2017, Dutch daily Het Financieele Dagblad said. De Financiële Telegraaf noted that PostNL owns a 70% market share, while Sandd owns 30%.

07.04.2018 De Financieele Telegraaf

UVZ-Logistic Uralvagonzavod (UVZ), Russia’s state-owned diversified machinery acquired by Invest- group, in February this year sold its logistics subsidiary UVZ-Logistic Logistika; name (UVZL) to Invest-Logistika, the online version of Russian newspaper changed to Modum- Vedomosti reported without quoting any sources directly. The new Trans - report owner changed the company’s name to Modum-Trans, the report added, (translated) citing the database of Russian service Spark-Interfax. Invest-Logistika is a Moscow company, indirectly owned by Alexander Samusev. UVZL is a railway logistics operator with car fleet of more than 38,000 freight cars, according to Russian online service Sputnik. UVZ is controlled by Russia's state corporation Rostec.

06.04.2018 Vedomosti

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018

CityMobil closes CityMobil, a Moscow-based ride-hailing company, is closing an USD 35m investment round of USD 35m with the participation of MegaFon, a pan- investment round Russian provider of digital opportunities, and Mail.Ru Group, a Russian with MegaFon and internet company. MegaFon's total investment amounts to about USD Mail.ru 14m, with the resulting ownership of up to 31%. Mail.Ru Group will invest up to USD 12m and will get up to a 26% minority stake in the company.. CityMobil started as an off-line conventional Moscow taxi operator. Recently the company re-shaped its business model and moved online with over 65 percent of rides now being booked through a proprietary app.

05.04.2018 Company Press Release(s) (Edited)

GSLS 51.1% stake A 51.1% stake in General Secure Logistics Services (GSLS) has been acquired by Star acquired by Star Capital Partners, The Irish Times reported. The vendor Capital was Carlyle Cardinal Ireland, a joint venture between Carlyle Group and Cardinal Capital which is understood to have doubled its original investment, the report said. GSLS confirmed the deal and said its existing management has the support of Star Capital, according to an Irish Independent report. The terms of the deal were not revealed. The Independent report said all GSLS’ existing investors exited the business, headed by Carlyle Cardinal Ireland. The Irish Times reported that the new sale is believed to be worth approximately EUR 30m; the Independent said the business was valued at EUR 30m when Carlyle Cardinal Ireland acquired a 51.5% stake in 2014. GSLS is a provider of cash-in-transit management services and generated EUR 17m turnover last year, the reports said.

31.03.2018 Irish Times

TFP Logistic sold to TFP Logistic, a French haulage company, has been sold by the Zamenhof - report founder/director Pascal Fournel to Zamenhof, the holding company of (translated) entrepreneur Jacky Perrenot, news portal Capital Finance reported. TFP Logistic recorded EUR 7.7m turnover last year, the unsourced report noted.

27.03.2018 Capital Finance

Fedex acquires P2P FedEx Corporation, a Memphis, Tennessee-based transportation, e- Mailing for GBP commerce and business services group, has acquired UK-based P2P 92m Mailing Limited in a deal valued at GBP 92m. P2P's capabilities complement and expand the FedEx portfolio of offerings important to the rapidly growing global e-commerce marketplace. P2P provides customers with last-mile delivery options, leveraging its relationships with private, postal, retail and clearance providers in over 200 countries. P2P provides customers with unique last-mile delivery options, leveraging its relationships with private, postal, retail and clearance providers in over 200 countries. Its industry-leading technology and processes provide plug-and-play options with carrier networks and Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018

customer systems. P2P is headquartered in Laindon, United Kingdom and will operate as a subsidiary of FedEx Cross Border within the FedEx Trade Networks operating company.

27.03.2018 Company Press Release(s)

Apologistics Apologistics GmbH, a Leipzig-based logistics service provider for online receives EUR 60m pharmacies, announced a strategic partnership with THI Investments investment from GmbH: Founded in 2004, Apologistics is located close to DHL’s THI Investments European logistics hub in Leipzig and operates an industry-leading, fully-automated logistics service centre for OTC (non-prescription) drugs and beauty & care products which can handle up to 8 million parcels per year. ”We have created an innovative logistics platform with significant capacity that allows expeditious order processing,”said Michael Fritsch, founder and CEO at Apologistics. ”With the support of THI we will be able to expand the business, strengthen our technology platform and be an active consolidator in the market”. THI’s total investment amounts to EUR 60m. As part of the investment, Apologistics intends to expand its Leipzig site and will set up a second fully-automated logistics centre with the aim of providing same-day- delivery services in Germany within the next 12 months. ”Apologistics is a high-quality innovation leader with an outstanding fulfilment offering,” said Mihir Kotecha, CEO at THI. “The company is very well positioned to benefit from the tremendous growth in the online OTC (non-prescription) drugs and beauty & care markets with the potential of becoming a market leader in the next years.”

27.03.2018 Company Press Release(s) (Edited)

PSA puts residual French carmaker PSA Peugeot Citroen [EPA:UG] is understood to have 25% stake in Gefco launched the sale of its 25% shareholding in GEFCO, a French logistics up for sale – report and transportation company, French daily Les Echos reported. Russian (translated) state-run railway group RZD acquired 75% of Gefco from PSA in 2012 for EUR 800m, it noted. The report cited a person in the know as saying that PSA could be hoping to receive about EUR 250m for its stake. The article cited a spokesperson for PSA as saying that Gefco no longer needs to have PSA as a shareholder given the diversity of its clients’ portfolio and the operational performance of the business. He added that PSA has yet to decide on an exit scenario. According to the report, PSA could be looking to divest the shares in Gefco to a financial player or even via a listing. However, the IPO option would mean that RZD would agree to sell part of its shares, the report claimed. Gefco reported sales of EUR 4.4bn in 2017 with 13,000 employees.

27.03.2018 Les Echos

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018

Hopps Group in Hopps Group, a holding company specializing in local delivery services exclusive talks to and communication, set up by French businessmen Guillaume Salabert, acquire ADS from Frederic Pons and Eric Paumier, has entered into exclusive negotiations Rakuten with the Japanese e-commerce group Rakuten [TYO: 4755] to acquire its (translated) logistics subsidiary Alpha Direct Services (ADS), local daily La Provence reported citing a statement from the bidder. The report noted that the transaction is pending on the approval of the competition regulator and the consultation of the target's work council. News portal Capital Finance said that Alpha Direct Services generates revenues of EUR 60m.

22.03.2018 La Provence

Esa Kuokka Oy Jani Närhi and Juuri Partners Oy have acquired the entire share capital bought by Jani of the logistics company Esa Kuokka Oy. Juuri Partners’ funding Närhi and Juuri solution enables to continue running the family business by Jani Närhi Partners who has been managing the company for a long time. Esa Kuokka Oy is a nation-wide logistics company that specialises in temperature-controlled transportation and has created quality and technology based service concepts for foodstuff logistics. The company also acts as a delivery partner for DB Schenker in Finland. Esa Kuokka Oy provides comprehensive temperature-controlled logistics services to the Finnish food industry, and their customers range from large commercial central firms to smaller players in the HoReCa field. Digitality, responsibility, and customer experience have key roles in operational development.

22.03.2018 Company Press Release(s)

Posten Norge sells German private equity firm Allegra Capital, headquartered in Munich, Bring Citymail to has acquired the second largest Swedish postal service provider Bring Allegra Capital Citymail from (Norwegian Post). With about 3,600 employees, Bring Citymail generated sales of almost SEK 2bn in 2017 (EUR 200m). The company offers mail, parcel transport and other postal services. Bring Citymail was founded in 1991 under the name Citymail and was taken over in 2002 by Posten Norge. Since then, Bring Citymail has become the second-largest provider in the Swedish postal services market behind . Upon completion of the transaction, the company will once again trade under its old Citymail brand.

21.03.2018 Company Press Release (Translated)

Waberer's- Waberer's International, the Hungarian road transport company, has Szemerey Logisztika agreed to buy for an undisclosed sum the 40% stake in local logistics 40% stake to be firm Waberer's-Szemerey Logisztika from private individual Lóránd bought by Győző Szemerey, said its Budapest bourse filing: WABERER’S Waberer's INTERNATIONAL Nyrt. (hereinafter: Waberer’s) announces that International from Waberer’s has concluded an agreement to purchase the 40% minority Lorand Gyozo shareholding of Waberer's-SzemereyLogisztika Kft. (hereinafter: WSZL) Szemerey from Mr Lóránd Győző Szemerey as seller on March 20, 2018. In accordance with the sale and purchase agreement, the transaction is Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018

expected to be closed on April 2, 2018, when Waberer’s will become the sole owner of WSZL. The total transaction amount is undisclosed but indicated to be around mid-single-digit million euro. WSZL constitutes the principal part of Waberer’s Regional Contracts Logistic Segment which generated an EBITDA of more than 17 million euro in 2017, or approximately 21% of Waberer’s Group total. Ferenc Lajkó, CEO of Waberer’s commented “Waberer’s is very pleased to announce completion of a transaction which was anticipated – and communicated as such – at the time of the IPO in 2017, reflecting a further step to simplify the Group’s structure, and economic interests. Further to these structural benefits, it is clear that the transaction promises to be meaningfully financially accretive for Waberer’s shareholders, in keeping with our strategy and our objectives.”

21.03.2018 Stock Exchange Announcement(s)

Rumo Logistica Rumo Logistica, a Brazilian logistics company, is closely looking at the closely looking at concession auction of Ferrovia Norte-Sul, a 1,500 km railway linking the the Ferrovia Norte- cities of Porto Nacional and Estrela D'Oeste, according to a Portuguese- Sul concession language newswire report. Reuters cited the company’s CEO Julio auction process Fontana Neto. The asset has attracted interest from at least four groups, (translated) including VLI, MRS Logistica, Russia's RZD and China Communications Construction Company (CCCC), as reported. The Brazilian government established on 17 March a minimum bid of BRL 1.09bn (USD 331.6m) to secure the 30 years concession of the railway line, as reported in a press release. The release also said that the winning bidder will hold the concession for 30 years and stated that one section of the railway still needs construction works to be fully operational. That section is now 90% complete Total investments needed for the railway are estimated at BRL 2.8bn, of which 85.2% is needed for the acquisition of trains and wagons, as reported.

19.03.2018 Newswire Round-up 17.03.2018 Regulatory Authority Press Release (Translated)

European Cargo Private equity firm Naxicap Partners is reported to have won the auction Services sold to for the acquisition of France-based European Cargo Service, news portal Naxicap Partners - Capital Finance reported without citing its source. European Cargo report (translated) Services has been owned by Alpha Group since 2013. The daily said that the vendor is advised by Hottinguer Corporate Finance, and Weil Gotshal & Manges. European Cargo Services is a provider of general sales and services agent (GSSA) services for airlines which outsource the sale and management of their cargo capacities space. It generates EUR 1.3bn turnover and EBITDA in excess of EUR 20m. It has a headcount of 1,000 people.

19.03.2018 Capital Finance

Deal News – Transportation & Logistics What's up in your market – a focus on deals activity, April 2018

Contact Dr. André Wortmann Andreas Mackenstedt Domshof 18-20 Friedrich-Ebert-Anlage 35-37 28195 Bremen 60327 Frankfurt am Main [email protected] [email protected] Tel.: (040) 6378 1414 Tel.: (069) 9585 5704

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